The cryptocurrency market faces another correction, with Bitcoin (BTC) falling below $62,000. The price drop goes against the historical trend of October being a bullish month for the cryptocurrency market. Other assets followed BTC's footsteps, with the global cryptocurrency market cap falling 2.7% to $2.23 trillion in the past 24 hours. Dogecoin (DOGE) has also fallen victim to the recent price drop, falling 1.9% on the daily chart and 3.2% over the past week.
Despite the pullback, DOGE is still up 0.9% on the 14-day chart, 5.8% on the monthly chart, and 69.3% since October 2023.
Why are cryptocurrency markets down today?
The recent decline could be due to the rising geopolitical tensions in the Middle East. Iran launched an attack on Israel, which could escalate the conflict in the region. Market participants may be concerned about risky investments, leading to capital outflows from cryptocurrencies.
Dogecoin expected to rise by 60%
According to cryptocurrency analyst Ali Martinez, DOGE has retested the breakout point of the descending wedge. The analyst believes that if this level holds, the meme coin could bounce back and reach $0.16. Reaching $0.16 from the current price level would mean a rebound of about 60%.
Changelly analysts have a rather pessimistic view on Dogecoin (DOGE) this month. The platform predicts that the asset will fall in the coming weeks, dropping to the $0.094 level by the end of the month. A slide from the current price level to $0.94 would mean a drop of about 6%.
Researchers at CoinCodex are even more pessimistic about Dogecoin. The platform predicts that by the end of October, the price of Dogecoin will fall to $0.091, which is about 9% lower than the current level.
